Fave coin shop now rip off joint

[Immy]

I've been a reg customer, mostly buying, since the 80s. Nice, classy outfit, always gave me a fair price for junk silver.

Sold some 40%ers in 2007 and got 84% of spot . Sold again in 2010 and got 89%.

Today, I wanted to dump $100/face in 40%ers. Their offer? $669.00, a measly 71%

Their reason? 40%ers aren't in demand right now. What a load! I walked out and they lost a 20+ year customer.

 

[BuffaloBoy]

that's a tough one, hope you did not sell!
I got 91% spot for 40%ers a month ago when silver was $36 an ounce at a local coin show.
HH
Buff

 

[Piledriver]

There is no loyalty in Business dealing, only profit margins.
Someone decided that if you wouldn't eat the 29% spread, then the next 10 guys would.
I'd try Provident.

 

[Bigheed]

That is an incredibly weak offer based on their relationship with you over the years, real bummer and sorry to hear that!

 

[madwest]

There are a lot of possible dynamics going on with a small business. Perhaps they are overstocked on 40% kens and the low ball is just to keep from adding more to an already saturated inventory. The next time, they might need 40%'ers and offer acceptable wholesale numbers.

In any event, they really should respect existing relationships. The right play would be to either offer a fair amount or some alternative (trade, etc) and then unload the excess on the secondary market. Or, just say "can't really buy any right now, got too many already."

 

[PhattyB]

It is a weak price, but why the fuss and throw away 20 years of business. If you're not happy with the price, you don't have to sell. The place they forward them to is probably at 86% right now.

 

[fistfulladirt]

My shop doesn't even pay that, but they sell at reasonable prices.

 

[The_EE]

My local pays about 75% spot but their sell pricing on junk silver is about 1x under spot. So if a dime is $2.30, they charge $2.20.

 

[Immy]

that's a tough one, hope you did not sell!
I got 91% spot for 40%ers a month ago when silver was $36 an ounce at a local coin show.
HH
Buff

Buff, I packed up my 40s and hightailed it outta there! We have a coin show here in Vegas every couple of months and they'll get all my biz from now on.

 

[poftravel]

I'd sell them on Craigslist, I can sell any sort of of silver there for spot or above. you just gotta be careful to meet in a public place to do deals.